UK - Global wheat markets for old and new crop have rallied in the past week, adding strength to Paris wheat futures.
However, UK May-15 wheat has not been behaving like wheat, much more closely following movements in Paris maize through March. As a result, global gains in wheat prices have not been reflected in UK prices.
For new crop, on the other hand, movements have been much more in line with other wheat markets.
This is supporting the ‘carry’ in UK wheat futures into the new crop which reflects the heavy supply of feed grain in the EU this season and may well lead UK farmers to carry feed wheat into the new marketing year.
TheCropSite News Desk